Bitcoin Soars Past $80K as Oil Woes Spark Bond Yield Rebound
Bitcoin surged past $80,000 on Friday as the US bond yields rebounded amid global oil woes. The price of BTC jumped 6% around the Wall Street open, with concerns about oil supply leading to a reversal in US bond yields.
The IEA warned that countries may have no choice but to cut usage due to constrained Gulf supplies and depleting commercial inventory buffers. This led to a decrease in oil prices, which subsequently caused US bond yields to rise again.
US 30-year yields reached 5.34% on the day, up 90 basis points from earlier levels. The increased demand for safe-haven assets like Bitcoin drove its price higher.
BTC/USD filled pockets of upside liquidity and reached a local high of $81,034 on Bitstamp. The price momentum now faces resistance at familiar levels first encountered in May.